With no alternative in sight to the adoption of technology by the Financial Services Industry, Mr. Godwin Emefiele, Governor, Central Bank of Nigeria (CBN), has disclosed that there should be no alternative to taking the critical steps needed to ensure that the technology and processes adopted remain safe, secure and functional at all times to prevent Cybercrime.

In view of this, the CBN governor stressed the need for effective enforcement of the Cybercrime Act to serve as a “deterrent and constant reminder to those who may wish to engage in illicit activities targeting the nation’s financial technology infrastructures”.

Emefiele, made this submission at the Nigeria Electronic Fraud Forum (NeFF) Stakeholders Workshop on Cybercrime in Abuja through his representative, the Deputy Governor, Operations Directorate, Mr.Adebayo Adelabu noted that that firm and appropriate legal frameworks must be put in place, supported with sound and effective law enforcement and enhanced technical and institutional capabilities to effectively protect these networks and secure the systems and infrastructure from all forms of cybercrimes.

“We all know that the incentive for network breach or cyber-attack in the financial sector is more compelling for obvious reasons, than other sectors. This is why the protection of information infrastructure utilized in the delivery of financial services is considered critical all over the world, and it was because of the importance of securing infrastructures such as those of the financial sector, and protecting the underlying services from cyber-attacks that the Cybercrime (Prohibition and Prevention) Act was enacted in 2015.

“The Act has placed certain obligations on a number of stakeholders in the Cybersecurity community. They include the Office of the National Security Adviser (ONSA); a host of MDA’s, including the Attorney General and Minister of Justice; as well as such professional institutions as the Computer Professionals’ Registration Council (CPN), Financial Institutions and Technology Service Providers, etc. Instructively, the Act also mandated the establishment of National Computer Emergency Response Team (CERT); the, Cybercrime Advisory Council; and the National Cyber Security Fund” he said.

The CBN governor’s position aligns with Section 1 of the Act which provides that the objectives of the Act are to: Provide an effective and unified legal, regulatory and institutional framework for the prohibition, prevention, detection, prosecution and punishment of cybercrimes in Nigeria; Ensure the protection of critical national information infrastructure; and Promote cyber security and the protection of computer systems and networks, electronic communications, data and computer programs, intellectual property and privacy rights.

Also speaking at the workshop on the Cybercrime Prohibition and Prevention Act 2015, with the theme ‘Tackling Enforcement Challenges Under The cybercrime Act’, the Deputy Governor, CBN, Operations Directorate, Mr. Adebayo Adelabu also represented by the Director, Banking and Payment System, CBN, Mr Dipo Fatokun pointed out that “the passing into law of an act on Cybercrime Prohibition and Prevention in May 2015, marked the beginning of an era in the regulation of all cyber activities in Nigeria”.

According to him, it is the opinion of most stakeholders engaged by NeFF, that issues of intractable enforcement challenges among others possibly militating against the achievement of those laudable goals for which the Act was designed must be confronted headlong to bring about a more dynamic and effective enforcement era.